Singer Park Hyo Shin has time and time again been caught up in controversies in the past couple of years. The latest that is hitting the headlines hard is the lawsuit that has been filed against the singer for alleged fraudulent activities.
Fraud Lawsuit Filed Against Hyo Shin Park Hyo Shin has come under the microscope once again as his former agency has filed a lawsuit against him for alleged fraud. He has been served a lawsuit based on violating the Specific Economic Crimes Aggravated Punishment Act (fraud) and for causing hindrance in business.
As reported by news outlet SPOTV News, former reps of his agency as well as shareholders from the company all filed the lawsuit together against the singer on April 7. The lawsuit was filed in Yongsan Police Station in Seoul, where the plaintiffs made the claim that Hyo Shin lied to them about the company’s shares.
New shares of his former agency were given to Hyo Shin as well as other shareholders of the firm. The plaintiffs stated that Hyo Shin made them believe that there was a ‘nominee trust agreement’ and that he had put a number of shares under their name, even though that was not the case.
The plaintiffs also claim that during a recent general shareholders meeting of the company, Hyo Shin appointed employees loyal to him as directors allegedly and also exercised voting rights over said shares. This all happened in March 2022. They have also alleged that he did a similar thing in August 2023 and also fired the former CEO of the company.
However, as quoted from Allkpop, the singer’s representative has fully denied all allegations during a public media interview and has shared that he is undergoing a civil lawsuit and hasn’t been sued for fraud by anyone.